Zephyr Quarterly M&A Report

Transcription

1 Nordic Report, Q4 2014

2 The following report details mergers and acquisitions activity in the Nordic Region in Q using data from the Zephyr database. It focuses on deal activity by target company. Click here to access the raw data in an Excel spreadsheet. M&A value dips while volume advances The value of mergers and acquisitions (M&A) targeting companies based in the Nordic region in Q decreased almost a fifth quarter-onquarter, against an 11 per cent rise in volume. There were 748 transactions worth an aggregate EUR 14,647 million targeting the region between October and December, compared to 675 worth a combined EUR 17,907 million in Q3. Overall activity was lower than at the same time a year ago, when 1,378 deals worth a total of EUR 19,930 million were announced. While M&A value was down it was propped up by strong private equity investment in the region. Deals by volume and value Announced date No of deals Total deal value Q ,647 Q ,907 Q ,914 Q ,086 30,247 Q ,378 19,930 Q ,020 19,939 Q ,143 15,044 Q ,846 Q ,266 16,304 Page 1

3 Nordic deals by volume and value Deal value 35,000 30,000 25,000 20,000 15,000 10,000 5,000 1,600 1,400 1,200 1, Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 2

4 PE property deal top by value An investment by Starwood Capital in two Nordic real estate companies was the region s largest deal by value in Q The private equity group agreed to buy Swedish property firm SveaReal Fastigheter and DNB Nor Eiendomsinvest of Norway for a total of EUR 1,218 million to expand its presence in the region. This was one of two transactions worth EUR 1,000 million or more in the three months; the other was a EUR 1,060 million take-private in which Swiss sanitary and piping systems group Geberit offered a 55 per cent premium to acquire shares in Finnish bathroom ceramics manufacturer Sanitec. Norway leads by value, despite Q-on-Q decline Norwegian companies were the most valuable in Q4 2014, targeted in 157 deals worth a collective EUR 5,568 million. The result was down more than a third on Q3 and 18 per cent lower than the same time a year ago (Q3 2014: EUR 8,592 million; Q4 2013: EUR 6,826 million). Norwegian targets were worth almost a fifth more than those based in Sweden in Q and virtually as much as Finnish and Danish targets combined (Sweden: EUR 4,696 million; Finland: EUR 2,945 million; Denmark: EUR 2,689 million). At 284 transactions, Swedish companies were targeted most frequently during the three months to December, followed by those based in Finland (208), Norway (157) and Denmark (104). Page 3

5 Nordic Region top 20 deals by value Deal value Deal type Target Target country Acquiror Acquiror country Announced date 1. 1,218 IBO 100% SveaReal Fastigheter AB; DnB NOR Eiendomsinvest I ASA SE; NO Starwood Capital Group LLC US 19/12/ ,060 Acquisition 100% Sanitec Oyj FI Geberit AG CH 14/10/ IBO 100% Paroc Group Oy FI CVC Capital Partners Ltd GB 22/10/ Acquisition 100% Apotek Hjartat AB SE ICA Gruppen AB SE 12/11/ Minority stake 2% TeliaSonera AB SE Institutional Investors 05/11/ Minority stake 13% ISS A/S DK Institutional Investors 03/12/ Acquisition 100% REC Solar ASA NO Bluestar Elkem Investment Co Ltd HK 24/11/ Acquisition increased from 24% to 75% Gasum Oy FI Finnish government FI 03/11/ Acquisition 100% EVRY ASA NO Lyngen Bidco AS NO 08/12/ Acquisition 100% Eltek ASA NO Deltronics (Netherlands) BV NL 15/12/ Minority stake 5% Pandora A/S DK Institutional Investors 08/12/ Acquisition 100% Norican Group ApS DK Altor Equity Partners AB SE 19/12/ Acquisition increased from 38% to 100% Norwegian Property ASA NO Geveran Trading Co Ltd CY 17/12/ Acquisition 100% RS Platou ASA NO Clarkson plc GB 25/11/ Acquisition 100% Hurtigruten ASA NO Silk Bidco AS NO 29/10/ Acquisition 100% ICA Norge AS NO Coop Norge Handel AS NO 06/10/ Acquisition 100% DONG Storage A/S DK Energinet.dk DK 20/10/ Acquisition 100% Norresundby Bank A/S DK Nordjyske Bank A/S DK 18/12/ Minority stake Entra Eiendom AS NO 30/10/ Acquisition 100% Perten Instruments Group AB SE PerkinElmer Inc. US 24/11/2014 Page 4

6 Nordic Region top 20 private equity deals by value Deal value Deal type Target Target country Equity provider Announced date 1. 1,218 IBO 100% SveaReal Fastigheter AB; DnB NOR Eiendomsinvest I ASA SE; NO Starwood Capital Group LLC 19/12/ IBO 100% Paroc Group Oy FI CVC Capital Partners Ltd 22/10/ Acquisition 100% EVRY ASA NO Apax Partners UK Ltd 08/12/ Acquisition 100% Norican Group ApS DK Altor Equity Partners AB 19/12/ Acquisition 100% Hurtigruten ASA NO TDR Capital LLP 29/10/ IBO 100% Hinna Park Invest AS NO NIAM AB 20/11/ IBO Logismose A/S; Claus Meyer Holding A/S DK; DK IK Investment Partners Ltd; Dansk Vakstkapital K/S 13/11/ IBO 65% Nordic Modular Group AB SE Inter Ikea Investments AB 14/11/ IBO 100% Kilpilahden Sahkonsiirto Oy FI OFI InfraVia SAS 18/12/ Minority stake 8% Net Entertainment AB SE Knutsson Holdings AB 10/12/ IBO 67% Ledil Oy FI Ratos AB 21/11/ Minority stake Ascendis Pharma A/S DK Venrock Associates LP; Sofinnova Ventures Inc.; OrbiMed Advisors LLC; Janus Capital 01/12/2014 Management LLC; Vivo Ventures LLC; RA Capital Management LLC; Sectoral Asset Management Inc Minority stake True Software Scandinavia AB SE Kleiner Perkins Caufield & Byers; Sequoia Capital; Atomico (UK) Partners LLP 08/10/ Minority stake Trustly Group AB SE Bridgepoint Development Capital Ltd 04/11/ Minority stake Fyndiq AB SE Industrifonden AB; Northzone Ventures AB 07/11/ Minority stake Forendo Pharma Oy FI Novartis Venture Fund; Novo A/S; Finnvera Oyj; Karolinska Development AB; MS Ventures 22/10/ Minority stake Jolla Oy FI 11/12/ Minority stake Novelda AS NO Investinor AS; SpareBank 1 SMN Invest AS; Alliance Venture Partners AS 03/12/ Minority stake 18% Cortendo AB SE HealthCap AB; Storebrand ASA; Tredje AP-fonden; Arctic Fund Management AS 30/10/ Minority stake Kebony AS NO ETF Manager LLP; Investinor AS; Hoegh Capital Partners Ltd; MVP Management GmbH 22/10/2014 Page 5

7 PE value advances for second quarter in a row Private equity and venture capital (PE and VC) investment activity targeting Nordic companies rose in Q4 2014, with value reaching its highest level in the nine quarters under review. There were 107 transactions worth a collective EUR 3,951 million between October and December, up from 86 deals worth EUR 3,359 million in Q3. The Starwood investment accounted for a third of the region s PE investment in Q Private equity deals by volume and value Announced date No of deals Q ,951 Q ,359 Q ,077 Q ,329 Q ,298 Q ,506 Q ,447 Q ,417 Q ,070 Total deal value Page 6

8 Nordic private equity deals by volume and value 7, , Deal value 5,000 4,000 3,000 2, , Q Q Q Q Q Q Q Q Q Total deal value Number of deals Page 7

9 Deal types by volume in Q Deal types by volume Acquisition Minority stake Capital increase IBO MBO Merger Deal type Q Q Q Acquisition Minority stake Capital increase IBO MBO Merger Deal types by value in Q Deal types by value Acquisition Minority stake Minority stake IBO Acquisition Capital increase MBO IBO Deal type Q Q Q Acquisition 9,748 10,318 7,873 Minority stake 6,384 3,100 3,213 IBO 289 2,814 2,408 Capital increase 3,523 1,698 1,152 MBO Page 8

10 Target sectors by volume Target sectors by value Target sector Q Q Q Target sector Q Q Q Other services Machinery, equipment, furniture, recycling Wholesale & retail trade Publishing, printing Banks Chemicals, rubber, plastics Construction Transport Education, health Wood, cork, paper Gas, water, electricity Primary sector Metals & metal products Hotels & restaurants Food, beverages, tobacco Textiles, wearing apparel, leather Insurance companies Public administration and defence Post and telecommunications Other services 3,278 7,660 4,940 Banks ,401 Machinery, equipment, furniture, recycling 3,141 2,858 2,362 Chemicals, rubber, plastics 526 1,510 2,193 Wholesale & retail trade ,768 Transport Gas, water, electricity 5, Primary sector 2,793 2, Metals & metal products 1, Publishing, printing 70 2, Hotels & restaurants Construction Wood, cork, paper Insurance companies Food, beverages, tobacco Textiles, wearing apparel, leather Education, health Post and telecommunications Public administration and defence Page 9

11 Countries by volume Target country Q Q Q Q Q Sweden Finland Norway Denmark Countries by value Target country Q Q Q Q Q Norway 6,826 5,001 7,146 8,592 5,568 Sweden 4,302 11,661 4,102 4,569 4,696 Finland 4,882 5,034 3,399 2,324 2,945 Denmark 3,921 8,551 1,267 2,508 2,689 Page 10

12 Notes to editors Activity is based on the activity of the target company for firms in Sweden, Norway, Finland and Denmark Deal status is announced within the time period The sector breakdown uses targets activities as defined to be Major Sectors by Zephyr Q date range is from 01/10/2014 to 31/12/2014 inclusive Page 11